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Does Angang Steel (HKG:347) Have A Healthy Balance Sheet?
Does Angang Steel (HKG:347) Have A Healthy Balance Sheet?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, Angang Steel Company Limited (HKG:347) does carry debt. But should shareholders be worried about its use of debt?
Why Does Debt Bring Risk?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
View our latest analysis for Angang Steel
How Much Debt Does Angang Steel Carry?
You can click the graphic below for the historical numbers, but it shows that Angang Steel had CN¥6.11b of debt in March 2022, down from CN¥10.8b, one year before. However, its balance sheet shows it holds CN¥6.48b in cash, so it actually has CN¥379.0m net cash.
SEHK:347 Debt to Equity History August 25th 2022How Strong Is Angang Steel's Balance Sheet?
We can see from the most recent balance sheet that Angang Steel had liabilities of CN¥34.5b falling due within a year, and liabilities of CN¥5.05b due beyond that. Offsetting these obligations, it had cash of CN¥6.48b as well as receivables valued at CN¥6.39b due within 12 months. So it has liabilities totalling CN¥26.6b more than its cash and near-term receivables, combined.
When you consider that this deficiency exceeds the company's CN¥26.6b market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution. Given that Angang Steel has more cash than debt, we're pretty confident it can handle its debt, despite the fact that it has a lot of liabilities in total.
In addition to that, we're happy to report that Angang Steel has boosted its EBIT by 100%, thus reducing the spectre of future debt repayments. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Angang Steel can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Angang Steel has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Happily for any shareholders, Angang Steel actually produced more free cash flow than EBIT over the last three years. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.
Summing Up
While Angang Steel does have more liabilities than liquid assets, it also has net cash of CN¥379.0m. And it impressed us with free cash flow of CN¥8.2b, being 129% of its EBIT. So we are not troubled with Angang Steel's debt use. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with Angang Steel .
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
大卫·伊本说得很好,波动性不是我们关心的风险,我们关心的是避免资本的永久性损失。因此,当你考虑到任何一只股票的风险有多大时,你需要考虑债务可能是显而易见的,因为太多的债务可能会让一家公司倒闭。重要的是鞍钢股份有限公司(HKG:347)确实有债务。但股东是否应该担心它的债务使用情况?
为什么债务会带来风险?
债务帮助企业,直到企业难以偿还债务,无论是用新资本还是用自由现金流。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,一种更常见(但仍然昂贵)的情况是,一家公司必须以低廉的股价稀释股东的股份,才能控制债务。然而,通过取代稀释,对于需要资本投资于高回报率增长的企业来说,债务可以成为一个非常好的工具。在考虑一家公司的债务水平时,第一步是同时考虑其现金和债务。
查看我们对鞍钢的最新分析
鞍钢背负着多少债务?
你可以点击下图查看历史数据,但它显示鞍钢2022年3月的债务为人民币61.1亿元,低于一年前的人民币108亿元。然而,其资产负债表显示,它持有64.8亿元人民币的现金,因此它实际上拥有3.79亿元净现金。
联交所:347债转股历史2022年8月25日鞍钢的资产负债表有多强?
从最近的资产负债表我们可以看到,鞍钢有345亿元的负债在一年内到期,还有50.5亿元的负债在一年内到期。作为对这些债务的抵销,该公司有64.8亿加元的现金以及63.9亿加元的应收账款在12个月内到期。因此,该公司的负债总额为人民币266亿元,比现金和近期应收账款加起来还要多。
当你考虑到这一缺口超过了该公司266亿元的市值时,你很可能会倾向于专心审查资产负债表。在该公司不得不迅速清理其资产负债表的情况下,股东似乎可能会遭受广泛的稀释。考虑到鞍钢的现金多于债务,我们相当有信心它有能力处理债务,尽管它总共有很多负债。
除此之外,我们很高兴地报告,鞍钢已将其息税前利润提高了100%,从而降低了未来偿还债务的幽灵。当你分析债务时,资产负债表显然是你关注的领域。但最终,该业务未来的盈利能力将决定鞍钢能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
最后,一家公司只能用冷硬现金偿还债务,而不是会计利润。虽然鞍钢的资产负债表上有净现金,但它将息税前利润(EBIT)转换为自由现金流的能力仍值得一看,以帮助我们了解它正在以多快的速度建立(或侵蚀)现金余额。令所有股东感到高兴的是,鞍钢过去三年的自由现金流实际上超过了息税前利润。这种强劲的现金转换让我们像傻朋克演唱会上节奏下降时的观众一样兴奋。
总结
尽管鞍钢的负债确实多于流动资产,但它也拥有3.79亿元人民币的净现金。它给我们留下了深刻的印象,自由现金流为82亿元,占其息税前利润的129%。因此,我们对鞍钢的债务使用并不感到困扰。毫无疑问,我们从资产负债表中了解到的债务最多。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。为此,您应该意识到1个警告标志我们发现了鞍钢股份。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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